Swedbank AB Sells 222,994 Shares of Spotify Technology $SPOT

Swedbank AB lessened its position in Spotify Technology (NYSE:SPOT) by 13.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,393,327 shares of the company’s stock after selling 222,994 shares during the period. Spotify Technology comprises 0.7% of Swedbank AB’s portfolio, making the stock its 29th largest holding. Swedbank AB owned about 0.68% of Spotify Technology worth $675,638,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Sivia Capital Partners LLC bought a new position in Spotify Technology in the 2nd quarter valued at approximately $312,000. Jump Financial LLC increased its holdings in shares of Spotify Technology by 5.2% in the 2nd quarter. Jump Financial LLC now owns 1,132 shares of the company’s stock worth $869,000 after purchasing an additional 56 shares in the last quarter. Cary Street Partners Financial LLC purchased a new position in shares of Spotify Technology in the second quarter worth $178,000. NewEdge Advisors LLC lifted its holdings in shares of Spotify Technology by 36.9% during the second quarter. NewEdge Advisors LLC now owns 12,650 shares of the company’s stock valued at $9,707,000 after purchasing an additional 3,412 shares in the last quarter. Finally, Glenview Trust co bought a new position in shares of Spotify Technology during the second quarter valued at $298,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Wall Street Zen cut Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, June 13th. Guggenheim lowered their target price on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Barclays upped their target price on shares of Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Citizens Jmp raised their price target on shares of Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a report on Friday, May 22nd. Finally, KeyCorp reduced their price target on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $641.83.

Insider Buying and Selling at Spotify Technology

In other news, CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $496.52, for a total value of $10,344,001.16. Following the transaction, the chief executive officer owned 20,376 shares in the company, valued at $10,117,091.52. This represents a 50.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the completion of the transaction, the director owned 6,383 shares in the company, valued at $3,355,734.59. This trade represents a 84.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 85,173 shares of company stock worth $42,176,049 over the last 90 days. 0.40% of the stock is owned by company insiders.

Spotify Technology Stock Performance

Shares of SPOT stock traded up $6.07 on Tuesday, reaching $489.07. The stock had a trading volume of 334,955 shares, compared to its average volume of 2,495,309. The stock has a market cap of $100.69 billion, a P/E ratio of 39.09, a price-to-earnings-growth ratio of 1.19 and a beta of 1.56. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $748.30. The company has a 50 day simple moving average of $470.66 and a 200 day simple moving average of $497.85.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. The company had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.Spotify Technology’s revenue was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.07 earnings per share. On average, equities research analysts anticipate that Spotify Technology will post 14.62 earnings per share for the current fiscal year.

Spotify Technology Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.